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Bitcoin has spent the past two weeks confined within a narrow $106,000–$116,000 range. Despite a brief relief rally to $116,500 last week, BTC remains weighed down by a short-term resistance cluster, that is seeing continued distribution from long-term holders and weak institutional demand. In the options market implied volatility has continued to compress, and investor positioning has shifted to neutral, underscoring a broad lack of directional conviction following the October 10th liquidation event. The cautious tone in risk markets is exacerbated by mixed macro signals from the latest FOMC meeting, and has kept speculative appetite muted and price action subdued.